Global information technology spending will increase at a 10-percent compound annual growth rate from $1.59 trillion last year to $2.62 trillion in 2002, according to a study from Killen & Associates, a market research firm. “The continuing economic and currency crises in Asia, unresolved bank debt problems in Japan, Russian economic collapse and the August-September stock market slide will combine to keep global IT market growth close to 8 percent in 1998,” said Bob Goodwin, senior vice president of Killen. “But higher growth should resume in 1999.”
PortaCom Wireless Inc. announced its board of directors declared a liquidating distribution will be made to all holders of PortaCom common stock on record as of Sept. 10. The distribution will take the form of an undetermined number of shares of common stock of VDC Corp. Ltd. held by PortaCom. This is expected to be the first in a series of at least three equity interest distributions. The event is dependent on the company’s Plan of Reorganization being accepted by the U.S. Bankruptcy Court for the District of Delaware.
U.S. exports of telecommunications equipment reached nearly $10 billion during the first half of this year, a 4-percent increase from the first half of 1997, according to the Telecommunications Industry Association. Communications satellites and other transmission reception equipment represented the largest single export market segment with $2.3 billion. The greatest increases were in cordless telephones and telegraphic equipment, with jumps of 46 percent and 31 percent, respectively. “Despite the turmoil world financial markets are experiencing, U.S. communications equipment suppliers continue to increase exports,” said Matthew J. Flanigan, president of TIA. “The growth is particularly noteworthy in the face of downturn in overall U.S. exports of goods.”
WesTower Corp. acquired Portland, Ore.-based Cord Communications Inc., a provider of consulting, construction and technical services to the wireless industry. With the acquisition, WesTower now has a presence in Washington, Oregon, Idaho, California, Hawaii, Nevada and Arizona. WesTower, which completed a public offering nearly a year ago, has expanded its operations through internal growth and the acquisition of nine companies in Canada and the United States.
